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Stock-Based Compensation (Tables) | 3 Months Ended
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Mar. 31, 2026
Stock-Based Compensation [Abstract] |
Schedule of Stock Option Activities | The following table summarizes the stock option activities, including performance-based stock options, under the 2024 Plan, the 2021 Equity Incentive Plan (the “2021 Plan”), the 2022 Inducement Plan and the 2019 EIP for the three months ended March 31, 2026:
|  | Options Outstanding |  |  | Weighted Average Exercise Price |  |  | Weighted Average Remaining Contractual Life (Years) |  |  | Aggregate Intrinsic Value (in thousands) |
Balance, December 31, 2025 |  |  | 2,246,206 |  |  | $ | 13.72 |  |  |  | 4.81 |  |  | $ | — |
Options granted |  |  | 1,262,300 |  |  |  | 1.65 |  |  |  |  |  |  |  |  |
Options cancelled/forfeited |  |  | (837,148 | ) |  |  | 7.08 |  |  |  |  |  |  |  |  |
Balance, March 31, 2026 |  |  | 2,671,358 |  |  |  | 10.10 |  |  |  | 7.43 |  |  |  | — |
Vested and expected to vest, March 31, 2026 |  |  | 2,671,358 |  |  |  | 10.10 |  |  |  | 7.43 |  |  |  | — |
Exercisable, March 31, 2026 |  |  | 1,018,023 |  |  |  | 18.93 |  |  |  | 4.33 |  |  |  | — |
There was no performance-based stock option activity under the 2024 Plan or the 2021 Plan during the three months ended March 31, 2026.
|  | Options Outstanding |  |  | Weighted Average Exercise Price |  |  | Weighted Average Remaining Contractual Life (Years) |  |  | Aggregate Intrinsic Value (in thousands) |
Balance, December 31, 2025 |  |  | 30,894 |  |  | $ | 7.33 |  |  |  | 4.43 |  |  | $ | — |
Balance, March 31, 2026 |  |  | 30,894 |  |  | $ | 7.33 |  |  |  | 4.18 |  |  | $ | — |
Vested and expected to vest, March 31, 2026 |  |  | 30,894 |  |  | $ | 7.33 |  |  |  | 4.18 |  |  | $ | — |
Exercisable, March 31, 2026 |  |  | 30,894 |  |  | $ | 7.33 |  |  |  | 4.18 |  |  | $ | — |
Schedule of RSU Activity | The following table provides a summary of RSU activity under the 2024 Plan during the three months ended March 31, 2026:
|  | Number of Share |  |  | Weighted- Average Grant Date Fair Value |
Unvested restricted stock units at December 31, 2025 |  |  | 198,900 |  |  | $ | 6.00 |
Forfeited |  |  | (28,800 | ) |  | $ | 6.00 |
Unvested restricted stock units at March 31, 2026 |  |  | 170,100 |  |  | $ | 6.00 |
Schedule of Stock-Based Compensation Expenses | The following table presents stock-based compensation expenses related to options, PSUs and RSUs granted to employees and non-employees, employee stock purchase plan awards and restricted common stock shares issued to founders (in thousands):
|  | Three Months Ended March 31, |
|  | 2026 |  |  | 2025 |
General and administrative |  | $ | 202 |  |  | $ | 1,240 |
Research and development |  |  | 221 |  |  |  | 571 |
Total |  | $ | 423 |  |  | $ | 1,811 |
Schedule of Fair Value of Stock Options Was Estimated Using a Black-Scholes Option-Pricing Model | The grant date fair value of stock options was estimated using a Black-Scholes option-pricing model with the following assumptions:
|  | Three Months Ended March 31, |
|  | 2026 |  |  | 2025 |
Expected term (in years) |  |  | 6.08 |  |  |  | 6.01 – 6.08 |
Expected volatility |  |  | 99.87% – 100.05 | % |  |  | 97.37% – 97.93 | %
Risk-free interest rate |  |  | 3.85% – 3.88 | % |  |  | 3.93% – 4.35 | %
Expected dividend yield |  |  | — |  |  |  | — |

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